UPDATED: Jim Ovia Retires as Chairman of Zenith Bank

In a corporate disclosure filed with the Nigerian Exchange Limited on Tuesday, the lender said Ovia’s retirement followed the expiration of his tenure, having served the mandatory twelve (12) years as a Non-Executive Director and the Group Chairman.

Commending his contributions to the company, the bank said, “As the Group Chairman, Dr Ovia, CFR, served the Board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure. The Board expresses its deep appreciation to Dr Ovia, CFR, for his outstanding service and invaluable contributions. His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the Group’s strategic positioning and reputation during his tenure.”

To ensure continuity in leadership and sustained effectiveness of the Board, the Board at its meeting of April 27, 2026, approved the appointment of Mustafa Bello as the new Chairman of the Board.

“Engr. Mustafa Bello joined the Board on December 29, 2017 and is currently the longest serving director. He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth.

“He has also demonstrated integrity, independence, and sound judgment. His appointment is expected to ensure continuity, stability, and sustained high standards of governance as well as facilitate a seamless transition and continued organisational success. The appointment, which represents a strategic step in sustaining strong leadership and governance, has been approved by the Central Bank of Nigeria (CBN),” the bank’s statement concluded.

In July 2023, the CBN approved a new code of corporate governance, specifying that the tenure of a bank’s managing director or chief executive officer (CEO) may not exceed 12 years.

Before this, the regulator issued a policy mandating bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) to only serve a cumulative tenure of 20 years across the banking industry.